www.worldcommercereview.com does itcome from and international regime, aneworder, findsDanielDăianu protectionism: where It seemswe areIt inatransition towards anew where may it go? The new www.worldcommercereview.com D European shape across leadersfeel theocean. withthenewvisionthat Brexit istaking uncomfortable however, can EUmemberstatesIn national economic concerns are too, ontherise butEU rulesstipulate afree trade order. Many temporary anomalywould besimplistic fortemporary theliberal order hasbeenquestionedfor years now ofjobsneedto befactored 2009),althoughincome and thequality in.Andafter to distribution consider itasonlya may alsobepuzzlingastheunemploymentIt rate intheUSisbelow 5 percent (versus about9percent immediately But what we are witnessing now could effects. be judged in a much deeper sense and having possibly wide-ranging currencies’ swingswas apermanent topic inthedialogueamongfinance ministers ofmajor countries. paradigm even ifcontrol was accepted inareas related (ie. to ortelecoms) national defence security and industry comes to one’s mind)were mostlymarginal inpublicdebate for decades;trade withoutobstacleswas thedominant Views intheUnited States whichadvocate a ‘strategic’ approach to international trade (Clyde Prestowitz’s name of theireconomy hasin-builtprotectionist features. pleadedfornese leadersinDavos free international thisJanuary trade and globalization althoughthefunctioning Traditionally, andparcel the fair-trade concept ofdeveloping ispart countries’ rhetoric. Ironically, statements by Chi- doubts have beenraised framework concerning thereformed offinance. andsupervision regulatory sectors.industrial UScompanies are encouraged to move operations backhomeandrepatriate theirprofits, and There isincreasing talkin Washington aboutentering bilateral trade agreements, usingtariffs inorder to protect Trans-Pacific Partnership, anewstance regarding NAFTA andTTIP gointhesame direction. foreign trade relations that ifcompared prevailed 1945. withthethinking after The denouncement ofthe ed that theUnited States wish ‘fair trade’. Suchastatement indicates aradical changeofvisionregarding intheUSCongress hearings uring theCommerce administration inthenewRepublican assert Secretary 1 . - www.worldcommercereview.com without questioning multilateralism, seek to support national orevenwithout questioningmultilateralism, firms economic sectors. seekto support ments isquestionedaradical newapproach comes into being. There otherinsidiousways are nevertheless which, ious forms andoperates at different paces. When themultilateral architecture arrange oftheinternational policy What may belabeledasthe ‘New Protectionism’ (NP)involves ithasvar more in theeconomy/society; intervention the free vision. markets intheStates,be judgedinthelogic ofchangesunderway even remains thoughtheUnited Kingdom attached to social stress would have been lesser been have would stress social that are on the losing side in global competition, competition, global in side losing the on are that attentive to the needs of those individuals and firms firms and individuals those of needs the to attentive One can surmise that had public policies been more more been policies public had that surmise can One - - www.worldcommercereview.com the second halfofthe19 Berlin War heightened that visionininternational relations, which,whenseenhistorically, matched theUK’s role in ness, withglobalization contrast –instark withthecommand systems ofthecommunist countries. The fallofthe to promote theirown interests. was seeninasymbioticrelationship Liberal democracy withfree trade andopen- Following theUSwas thechampion offree tradeWWII ofa system asareflection basedon free anda markets tool A few historical benchmarks rather thanto benormative. context. What follows isanattempt to interpret andunderstand where thepropensity for protectionism come from To seewhere theNewProtectionism andrelate comes goingalittlebitinto from history itto itisworth thecurrent that globalization, NPundermines aliberal economic isafact order,It asithasevolved thepasthalfcentury. during year, France, urge arethink Germany andItaly offoreign investment inEU. tions. Butvis-à-vis outsidersthisframework islessso, oritmay bechanging. As onFebruary Reuters 15this reported Within theEuropean rulesprevail Union,theSingleMarket ofnational inthecontext economic ofavariety situa- institution, whichisaloudspeaker for lessdeveloped countries, hadalways been quite ambivalent about fullcom- Taylor associated risks andothers underlined withapremature openingofmarkets. UNCTAD, theGeneva-based didexist.Notwithstanding, Robert dissenting voicesWade, thinking ineconomic andpolicy Alice Amsden, Lance of theworld economy. 1945,espousedastrongticular) after beliefinunhingedglobalization asanoverriding inthefunctioning principle The ‘Washington Consensus’, whichwas promoted by international institutions(the World Bank andtheIMFinpar system. th century -whenPax century epitomized Britannica theworld order, aninternational economic - www.worldcommercereview.com of the19 Friedrich for Listisknown hisprotectionist whichinspired thinking, Germany’s inthesecond half economic policy economic development, andchanging aninternational economic inensuring security balance ofpower. Europe, In development,industrial which relied onprotectionism too. otherwords, for In ofthetoolkit protectionism was part approach whileJapan’s initsrelationship withtheUK, response to theeconomic assaultof Western powers was by protectionist measureswas supported inorder base;Germany, to develop amanufacturing too, replicated this to remember isworth that theUS’It economic emancipation from Crown, theBritish the independence after war, irrespectivereexamine ofcircumstances. financialliberalization whenundertaken sus’; episodesofthe andthelessonsoffinancialcrisis recent decadesprompted international institutions to perfections andasymmetries perfections For decades, professor Harvard pleadedfor DaniRodrik pragmatic policiesthat shouldpay attention to im- market oped economies andthat demandedanuanced approach to financialliberalization. mercial andfinancial openness.In Latin America, too, views less pointed problemsdevel- outstructural afflicting in thisregard; thesecanbegrouped intwo categories: Firstly, economic evolutions; andsecondly, threats. security Why do ‘sirens’ inthe developed ofprotectionism ring world currently? Processes are andfactors to be mentioned Why return protectionism does inthedeveloped world? opolitical confrontation around conflicts ofthelastcentury, the world. military flicts The post-WWII EUandworld order were aimedat bringing peace between states andpreventing economic con- including Abraham Lincoln come to one’s mindinthesamevein. 3 . The decolonization process mentioning inthiscontext. isworth This inference doesnotignore themajorge th century onwards. century theUS, thefirst In Secretary, Treasury Alexander Hamilton, of andaseries Presidents 2 . The economic success ofseveral Asian economies tested the ‘Washington Consen - - www.worldcommercereview.com firms thatfirms are onthelosingsideinglobal competition, socialstress would have been lesser. are pretty low. that Onecansurmise hadpublicpoliciesbeenmore attentive to the needsofthoseindividualsand considered to bethereverse sideofthe coin whencapital, investments, move knowledge to countries where wages industrialized states mainstream economics), highlighted that may theflow ofproduction erode offactors comparative advantages of zation. More thanadecadeago, Paul theauthorofThe Neoclassical Samuelson, of Synthesis (whichisthebackbone The NewProtectionism indeveloped countries comes, arguably, to asareaction unrestrained, unmanagedglobali- Among fundamental economic developments are to becounted: • • • • • • • public policiesisat stake. governmental policies. This ofthosewho have isadelicate issueasthelegitimacy amandate to articulate There isawidespread sentiment have financialmarkets that external an excessive influence over national Bad corporate governance andtaxdodging (includingprofit-shifting) fuelanti-globalization reactions; measures; theseinvolve ineconomies; handsonpractices The Financial hasinduced Crisis governments andcentral banks to adoptnon-standard, unconventional The Financial hasfragmented Crisis theminward-looking; anddividedsocietiesturned icies are alsoresponsible for socialstrain andunrest. New technologies Revolution) are (theFourth Industrial cuttingjobsmassively, buteconomic andpublicpol- areof Asia, especially ofChina,butalsoIndia, to bementioned inthisrespect; For thefirsttimein centuries theeconomic preeminence ofthe Western seems world to be at threat;rise the power; overstretch. andtechnological to notice that isworth economic strength andindustrial military underpins It A significant erosion ofUSstatus inthebalance ofpower globallywhichis related to economic andmilitary 4 ; hebasicallyrestated what David Ricardo, aleadingcontributor to international trade theory, www.worldcommercereview.com worsen things–asopposedto theaimedends. conflicts.with terrorist Butisolation, threatsexacerbated asaboomerang protectionism andmilitary may and act drome). For there isabigdifference between the fear for tomorrow as regards one’s jobandtheonethat islinked sities are similarto what happensto state intimesofheightened conduct tensions, ofwar (thewar economy syn- be largely suboptimal. Authoritarian temptations come upinliberal democracies hard during times–thesepropen- How open societies cananswer to suchchallenges isanopenquestion new Administration hasanewapproach, beithighlycontroversial, regarding immigration. refugee/migrants inEurope crisis hasposedmajordifficulties Schengenspace AndintheUS forthe tofunction. terests. France In andBelgium state measures ofemergency operate. measures are Newsecurity proliferating. The many citizens to askfor measures firm from theirnational governments to protect themandprotect national in- Terrorism, unconventional attacks, threats hybrid (cyber wars, etc), fear for thefuture, are biguncertainties, pushing gered andclaimsto similarwiththeonesacross publicauthorities anxiety theAtlantic. ensure citizens’ andstate security. Europeans have also beenhitby terrorist attacks inrecent years,- whichhastrig The USwas badlyhitinSeptember 2001by terrorist attacks, whichledto areview ofconcepts regarding ways to The role ofthestate asaguardian ofpublicinterests comes ever higheron thepublicagendainwestern world. ofcitizens andprotection Security return of, ormore state economic intervention. tus cancombine vulnerabilities. withworries aboutincreasing technological and military This iswhy NPcansignal a versals canhappen following socialandeconomic distress. addition,concerns vis-à-vis In thelossofeconomic sta- shouldbeemphasized that globalization isnotanautomatic,It mechanicaloutcome oftechnological change. Re 5 ; withoutbalanced policies, outcomes can - www.worldcommercereview.com ences infavour of(S). When theneedfor protection measures grows, thechangeisreflected by alesssteep slopeof When timesworsen amore inward emerges; suchaturnaround society isrevealed looking by the changeinprefer (people feel safe) andeconomic opennessasapublicgoodisinhighdemand. is revealed by theprice linebetween (S)and(O); asteeper slope, Pa, shows that (S)isregarded asbeingsufficient workforce, investment, andtherange andscope ofregulations. At point (a)thingsare relatively good, calm,andthis preference (I). (socialchoice) curve The (a)point refers to aninitial level ofeconomic freedom –asflows ofcapital, discontent/discomfort ingiven conditions. An optimalcombination iswhere theprice line(S,O) istangent to the binations of(S)and(O) may beimagined soasto ensure adegree ofcitizens’ acceptance that would minimize Graph 1 illustrates citizens’ growing needfor protection intimesofhardships, whenthreats abound. Various com- mous costs, socialanomia. ingly. Likewise, atotal opennessoftheeconomy/society, withnorulesandprotection measures, may causeenor level, exceed fromeach other; acertain (democracy) protection measures, opensociety - may orrestrictions distort because thesetwo publicgoods(asastate ofthesocialandeconomic system) are not completely independent of measuresThe substitution between protection/security andeconomic openness(economic freedom) haslimits ple’s attitude toward thetwo publicgoods;thisvariable could notbehigherthan1andlower than0. these publicgoods;itcould looklikeF=((1-a)xS+axO), where (a)would beavariableinconsonance withpeo of economic openness, F=(S,O) aspublicgoods. would Afunction indicate levels ofcitizens’ interms of comfort (S) andeconomic freedom whichincludesprotection/security (O)trated function asasocialutility asanexpression specifically, onecan relate to openness(economic protection/security freedom) aspublicgoods. This may beillus- may becaptured haswhenfacingthreats Dilemmas thatby economic anopensociety analysis. andtrade-offs More Simple analyticsofatrade-off - - - www.worldcommercereview.com Graph 1. The relation between (S)andeconomic protection (O) openness www.worldcommercereview.com es But thingsare muchmore complicated isprofoundly ifsociety dividedandvariousvalues are guidingpeople’ choic ademocracy,In oneisaccustomed to thinkthat thesocialcollective option(social)isgiven vote. by themajority ethnical groups andreligions, ofthepopulation could bemadeupofimmigrants, alarge part etc. may have different options, may share different politicalviews or values;amay bemadeupofdifferent community decides andhow decisionsare maderegarding politicsinto thetwo publicgoodsbrings thelimelight, ascitizens The graph simplifies notleastbecauseit reality refers to peopleingeneral, but, nonetheless, isnotirrelevant. Who tive measures andtheircombination isindicated by point (b) ontheindifference curve. (utility) the relative price, (Pb), between (S)andeconomic openness(O); thismay involve protectionism andotherrestric backfire. It is worth backfire.recalling thatIt is theglobalismof19 worth ners. Widespread protectionism comes alongwithsignificant dangers;beggar your neighbourpoliciescaneasily involved.parties Therefore, any measures at anational level shouldbepondered given potential answers from part Protection measures -andtrade similarresponses wars cantrigger willlikelyleadto from damagesfor partners all stances, theirhabitsandperceptions change. ble today, may betermed differently at anothermoment intime;itmay bethat peopleadjust to different circum- that theway isalsoafact peoplevalue protection vs. overIt opennessmay time. vary What isabnormal, unpalata- European publicgoods. a pressing needfor inthearea common ofintelligence, efforts defence border -asalltheseare protection, military The analysis shouldbeadapted alliances. for For thecaseofeconomic andmilitary example, withintheEUthere is ‘hot’ conflicts. 6 . Moreover, economic interdependencies betweenstrong. countries may bevery th century century Victorian Era was followed by commercial and - - - www.worldcommercereview.com a questionbegsothers: Can anopen international system, whichisbasedonmultilateral accords, besaved undersuchcircumstances? Such status backintime. viaajourney There that are canhelpto see through additionalaspects future trends: The context outlinedabove might explain why somedeveloped to states regain seemto aformer beseeking power A resurrection ofnational interests • • • • • • • • • happen theGerman-France nexus isvital. Can theeurozone union,withproper fiscalarrangements? into beturned agenuine monetary For this to Is itpossibleto reinvent theEU, to makeitfitthenew conditions intheglobaleconomy? Are there international arrangements that can address andredress flaws ofunrestrained globalization? conventional threats that proliferate. bution ofeconomic power (multipolarand disorder –IanBremmer callsit ‘G-0’), withconventional andun- There isarevival ofnational interests (ofnationalism) inaworld faced withlarge disturbances, witharedistri- interests ofwhat iscalledtheinternational at community centre stage; ‘Realpolitik’, asaway foreign to articulate policies, increases at theexpense ofplacingmoral values andthe tributional effects (seealsoIMF tributional Unrestrained globalization hasbrought benefits, butithasalsodamagedsocialdis- cohesion by neglecting alternative accords andinstitutionspromoted mainlyby China; The post institutionaleconomic arrangements (BrettonWWII Woods’s arrangements) are undersiegedueto while, Brexit could stiruptheappetite for deeperintegration amidgrowing dangersintheglobalspace; The EUisfragmented by centrifugal forces andweakened by Brexit. However, itisnotimprobable that, a after The globaleconomy getsmultipolar; 7 , OCDEand World Bankpieces ofanalysis); www.worldcommercereview.com noting here deMontbrial’sThierry inLe interview Figaro Thatcher decadesago. France hasalways beenattracted by themirage ofitsperceived national interests. isworth It rope aswell. Theresa May’s measures donotseeeye policy to industrial eye withthevisionpromoted by Margaret A resurrection ofnational interests ithappensinEu- exclusively shouldnotbeascribed to territory; theAmerican to multilateralism inworld economic affairs. lateralism. As amatter theEUisade jure commercial offact, anddefacto andattached bloc, beitofabenign sort put inplace andadapted to thenewcontext. Trade blocsmay proliferate simultaneously withanerosion ofmulti- ever world. more As uncertain intheCold War decades, thecontrol ofthetransfer ofsensitive technologies may be What seemsto begoingonnow intheUnited States that withrivalries grow isto bejudgedinconjunction inan Central andEastern Europe, national prerogatives are gettingstronger despite theirEUmembership. stronghold oftheliberal order whilebeingtheeconomic mainstay oftheEU. several In emerging economies from this economic situation to changesignificantly withensuinghighunemployment? Fortunately,Germany isstilla surplus, 8.5percent nearly oftheGDPcurrently, isby farthelargest in theworld. Butwhat would happenwere structure,industrial inaeurozone itscurrent andkeepitsjoblessrate account low; that helpeditboostitsexports ofeconomicGermany globalization hasbeenastrong over supporter thepastdecadesgiven itsoverperforming ests intoday’s world. • • • world (such asclimate change)inasystematic way? How would thenewbigrivals intheworld (theUSandChina)cooperate onissuesofinterest for thewhole conflicts, indifferentHow shouldmilitary areas oftheglobe, betackled? relations.US-Russia Can theEUgetsafer arrangements? security This involves itsrelations withtheUSandNATO, withRussia,and 8 inwhichheunderscores thesignificance ofnational inter - www.worldcommercereview.com to aprecarious balance, ininternational anunstableequilibrium relations. interregnum, withacorrosion ofinternational, globalinstitutionalarrangements. Suchanevolution islikelyto lead What would betheresult ofNPasaneconomic defence may response? probably It open thedoorto aprolonged and thiscontest needsto bemanagedthrough clearrules. And rulesimplyaworld order. return ofthestate intheeconomy. There isacompetition between thedeveloped world andtheonethat isarising, developed states feel threatened andseekself-protection viavarious measures; ofa protectionist measures are part The world that we seemto bebumpinginto shows signs offragmentation, withsocietiesmore polarized. Notafew sized however, that aliberal order isnotsynonymous fundamentalism. withmarket bothsenses,nomic one).In theliberal order, asitwas setfollowing the shouldbeempha- isquestioned. It WWII, it covers avast array ofmeasures (whichhasotherdimensions, targeting national too, security thanthepure eco NP canbeinterpreted inanarrow sense, alongthelinesoftrade/economic relations andinabroader sense, when The New Protectionism: whither? yond economic issues. economy. Consequently, ofglobalization thecrisis isto beexamined from aamplerperspective, onethat goesbe NP shouldbejudgednotonlyincommercial terms. demandastate Abunchofcrises to more intervene inthe may beat oddswithsomegranular, micro data. even thoughthat humancapital inflow was positive for host countries. that Butitisfairmacroto acknowledge data EU memberstates there isgrowing discontent over thefree movement oflabourfrom Central andEastern Europe, Europe,In forms ofNPcanalsoberelated to waves ofimmigrants thepasttwo decades;insomedeveloped during - - www.worldcommercereview.com a deteriorating climate inEurope andacross theworld. Dismantling theEUwould bedramatic for Europeans ifwe come aswell distribution asameasure to combat socialdumping. Emerging EUeconomies would suffer following For example, aminimumwage imposedallacross theEUmay beseenasatool for dealingwithhighlyskewed in- thefateEU framework, oftheEUbudget, are to beexamined. technology transfers are to betakeninto account. Within functioning, changesinthe theUnion,Single Market of protectionist measures; viawhat may happenin intheEU. Globally, theeffectsontrade andinvestment flows, Central andEastEuropean countries would viaglobalarrangements suffer that because are adoubleblow: cracking bution becomes anacute socialandpoliticalissue. intoturn awin-losegame. This islikelyto occur especiallywheneconomic growth isquite feeble andincome- distri zations (similarto thelogic ofglobalsupplychainsandwin-win games)may loserelevance; andcompetition may reasons, national security If geopoliticalrivalries, are brought into oneunderstandswhy thepicture globaloptimi- to adapt lution doesnotmakeefforts to shockseasier. This iswhy protectionist propensities increase. will intensify. andreligious add Revo Inter-ethnic to thesocialandpoliticalpicture. conflicts Industrial And theNew (the role ofthe public policiesisdesirable here), ifexclusion getsdeeperandspreads, tensions andconflicts willrise thosewholoseintheglobaleconomyIf andinsidetheirsocietiesare notgiven thechance stranded to notbeleft rules. Europeans where from unrestrained know theirown history may rivalries leadto. whichsomemayequilibrium, calldisorder, isworrisome ofmultilateralism, for thosewhobelieve of inthevirtues andexacerbatedBig uncertainties volatility are already features ofthenewinternational environment. Suchabad before reaching apeakwithregard to theshare ofglobaltrade asagainstglobalGDP. Currency wars may heighten. The globaltrade slowdown canbeaproof inthisregard, althoughsomemay say that itwas onlyamatter oftime - www.worldcommercereview.com undermine thetraditionalundermine order intheinternational system. As Javier putsit, theEUmay Solana betheworld’s best To conclude by returning to Europe. ithasto besaved despiteThe phenomenathat EUisapublic goodinitself; andlargenew order; anditisvitalthat bigconflicts damagesbe avoided. inthefuture seemswebe therulesandnorms world? are It inatransition towards anewinternational regime, a asabasicprinciple? survive What willhappenwiththeinstitutionalarrangements created the after WWII? What will What willbethe neweconomic order isabigquestion. What willremain from theLiberal Order? Will multilateralism ways decisive for decisionsmadeinthearea ofpublicorforeign policy. summed uponlyaseconomic gainsandlosses. Moreover, economic assessments are notinfallibleandare notal- tik isto belinkedwithdivergent interests, andconflictual that emerge from multiple roots and which cannotbe willprobablyRealpolitik imprintonthe putafirmer relations between states,Realpoli- includingEUmembers; Nikolai Kondratieff (asdefined Schumpeter). andJoseph by swings alongsecularcycles tionism may betiedto tidesofeconomic opennessintheinter-state system, withalternating upswingsanddown - There may beanoptimaldegree ofeconomic opennessthat varies according to circumstances. The NewProtec mistrust andmay causeconflict. opensocieties. lution willimpact The deterioration oftrade relations onalarge scaleislikelyto fuelanimositiesand preferences andthiscould leadto restraints oneconomic remains openness. to It beseenhow suchapossibleevo Terrorism, otherunconventional threats, increase citizens’ needsfor protection; safety ismore valuable inpeoples’ protection. andmilitary needs interms ofsecurity talks abouta ‘fair deal’ have thisheralds notasimpleBrexit for common negotiation theUK; whilebothparties consider what theUnion meant for economic recovery andpeace 1945.JeanClaude Juncker, after theECPresident, - - www.worldcommercereview.com - Inequal “Redistribution, Tsangarides: Charalambos and Berg Andrew Ostry, Jonathan 61(3); Review, Economic IMF tions”, - implica policy and evolutions recent Recession: Great the and incomes “Top Saez Emmanuel and Piketty Thomas See 7. Choice and Individual Values”, Wiley, 1951 Wiley, Values”, Individual and Choice 6. The Nobel Prize winner John Kenneth Arrow explained the difficulties of building social utility functions in “Social “Social in functions utility social building of difficulties the explained Arrow Kenneth John winner Prize Nobel The 6. 5. See also my text “Open Society and Wars”, Curs de Guvernare/Adevarul, 29 January 2015 January 29 Guvernare/Adevarul, de Curs Wars”, and Society “Open text my also See 5. zation”, Journal of Economic Perspectives, 2004 Perspectives, Economic of Journal zation”, - globali supporting economists mainstream of arguments confirm and rebut Mill and Ricardo “Where Samuelson, Paul 4. nomics of Interdependence”, New York, McGraw Hill, 1968. Hill, McGraw York, New Interdependence”, of nomics 3. For references to economic relations and interdependences in the post-war free world see Richard Cooper: “The Eco “The Cooper: Richard see world free post-war the in interdependences and relations economic to references For 3. Lin “The Quest for Prosperity”, Princeton University Press, 2012 Press, University Princeton Prosperity”, for Quest “The Lin Development Council, 2000. See also his “One Economics, Many Recipes”, Princeton University Press, 2007, and Justin Yifu Yifu Justin and 2007, Press, University Princeton Recipes”, Many Economics, “One his also See 2000. Council, Development reforms; ithasto bereinvented. And theFive Presidents Report also needs security arrangements adapted toalso needssecurity thenewreality. ■ 2. Dani Rodrik, “The New Global Economy and Developing Countries: Making Openness Work”, Washington DC, Overseas Overseas DC, Washington Work”, Openness Making Countries: Developing and Economy Global New “The Rodrik, Dani 2. Rose echoes the view that “the liberal order has been fraying around the edges for years”(January/February, 2017) years”(January/February, for edges the around fraying been has order liberal “the that view the echoes Rose 1. In his introduction to a special issue of Foreign Affairs, “Out of Order: The Future of the International System”, Gideon Gideon System”, International the of Future The Order: of “Out Affairs, Foreign of issue special a to introduction his In 1. formerRomania, fellow MEPandaCASE Bucharest, oftheBoard oftheNational aformer aMember ofRomania, Bank Finance of Minister Daniel DăianuisProfessor ofEconomics at theNationalofPolitical School and Administrative Studies, line ofdefence againstwhat threatens themultilateral, liberal order 10 offers perspective to thisend. aninspiring Europe 9 . It is nevertheless truethat theEUitselfneeds isnevertheless . It - www.worldcommercereview.com The author bears sole responsibility for the views expressed in this article. this in expressed views the for responsibility sole bears author The President and Eurogroup Chief, 2015. Chief, Eurogroup and President 10. Report signed by European Council President, European Parliament President, European Commission President, ECB ECB President, Commission European President, Parliament European President, Council European by signed Report 10. 9. Javier Solana, “The European Union First”, Project Syndicate, 20 February, 2017 February, 20 Syndicate, Project First”, Union European “The Solana, Javier 9. 8. Thierry de Montbrial, “La France ne devrait pas avoir honte de defendre ses interets”, La Figaro, 27 Janvier 2017 Janvier 27 Figaro, La interets”, ses defendre de honte avoir pas devrait ne France “La Montbrial, de Thierry 8. ity and Growth”, IMF Discussion Note, February 2014 February Note, Discussion IMF Growth”, and ity